Americans are having to scrimp … saving quarters for diapers … Americans luckily have access to a few social safety nets provided by the government such as Medicaid, unemployment benefits, food stamps, etc. Then, non-governmental organizations and religious charities pitch in to provide whatever help they can. The effects of this prolonged recession are definitely going to be far-reaching on the psyche of those who will have gone through long periods of unemployment. This is happening after some seven decades. So, very few are alive today who had experienced it the last time it happened. The last recession was followed by an economic boom aided by both government policies as well as the ‘martial’ nations of Europe who still wanted to fight one last great, climactic mother of all wars after the Great War. The lessons for India? I think the message is a very sobering one. If a nation as advanced and prosperous can suffer such havoc from economic cycles of boom and bust, what chance does...
On Life, Love, God, Sex, Science, Technology, Politics, Public Affairs